Helping my Mother fix her finances
| Listing Information | |||
|---|---|---|---|
| Amount: | $8,100.00 | Status: | Loan created |
| Grade: | AA | DTI: | 14% |
| Lender Rate: | 9% | Borrower: | cjx |
| Finished | State: | MA | |
| Funded: | 100% | Group: | Ars OpenForum Members |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-09-05 | EricsCC ROI: | 7% |
| Status History | |
|---|---|
| Sep 03, 2007 | Current |
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Purpose of loan: Help my mother get out from under her credit card debt and become financially stable. Her credit cards, debt and the current interest rates are as follows: Capitol One Loan: 3345 @ 10.00% Capitol One: 724 @ 28.15 Target: 1645 @ 26.12 Sears: 1169 @18.85 Wells Fargo: 1194 @ 21.50 My financial situation: I am an IT Professional and have been employed at my current position for over five years. I have no credit card debt and the only debt I do have is my mortgage and a car loan both of which have never been delinquent. My credit score is very important to me (as indicated by the AA rating) and I would have no problem absorbing this loan into my finances if my mother were to miss a payment to me. I am confident however that she will have no problem paying this off; she was over paying her current credit cards in an attempt to get the interest rates down, but in that effort she was shorting her bank account and that lead to more credit purchases (cash advances) which adversely affected her interest rates. We've sat down together, made a proper budget (both with and without the Prosper loan) and have things straightened out for her. Monthly net income: 4900 Salary: 3000 Significant other: 800 Rent from Roommate: 1100 Total: 4900 Monthly expenses: 4010 Housing (Insurance, Taxes, Mortgage): 2200 Car expenses: 375 Utilities: 300 Phone, cable, internet: 200 Food, entertainment: 600 Clothing, household expenses: 100 Other expenses: 235 (Monthly Pass Train Ticket) |
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